Silicon Motion Technology Corporation (NASDAQ:SIMO) Short Interest Update

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 1,071,129 shares, a growth of 70.0% from the May 14th total of 630,042 shares. Based on an average trading volume of 1,142,975 shares, the days-to-cover ratio is presently 0.9 days. Currently, 3.3% of the shares of the stock are sold short.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently bought and sold shares of SIMO. Apis Capital Advisors LLC raised its stake in shares of Silicon Motion Technology by 11.7% during the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock worth $27,116,000 after acquiring an additional 30,000 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Silicon Motion Technology by 44.3% during the fourth quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock worth $1,510,000 after acquiring an additional 5,002 shares in the last quarter. UBS Group AG raised its stake in shares of Silicon Motion Technology by 39.0% during the fourth quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock worth $32,588,000 after acquiring an additional 98,548 shares in the last quarter. Neumeier Poma Investment Counsel LLC raised its stake in shares of Silicon Motion Technology by 10.7% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock worth $45,363,000 after acquiring an additional 46,208 shares in the last quarter. Finally, Granahan Investment Management LLC raised its stake in shares of Silicon Motion Technology by 59.7% during the third quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock worth $19,698,000 after acquiring an additional 77,667 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Craig Hallum restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Finally, Wedbush raised their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock traded down $4.09 during mid-day trading on Monday, hitting $276.40. 754,892 shares of the company traded hands, compared to its average volume of 842,698. Silicon Motion Technology has a one year low of $67.38 and a one year high of $314.34. The stock has a market cap of $9.37 billion, a price-to-earnings ratio of 54.95, a price-to-earnings-growth ratio of 0.68 and a beta of 1.72. The stock has a fifty day moving average price of $214.29 and a 200-day moving average price of $147.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. During the same period in the previous year, the business posted $0.60 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 105.5% on a year-over-year basis. Sell-side analysts predict that Silicon Motion Technology will post 7.65 EPS for the current year.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.